The EUR/USD pair fell from the top of 1.1860 to the bottom of 1.1640 without any rebound or rebound last week. It should be noted that the Euro lost 220 pips and the trend was significantly down.
Indeed, the Euro currency lost control and moved below the 1.1790 level since last week, so the bears will restore control of the performance. Therefore we are on a date with support levels before any rebound or rebound.
This week, we expect to continue the drop from the low of 1.1640 to the first support at 1.1572. But it should be careful in the area of 1.1500 - 1.1572.
This week will be full of strong news such as: fiery events in the US elections 2020 as well as US interest and US monthly data on jobs, wages and unemployment.
We see that selling from the bottom 1.1640 will be safer, aiming to continue the drop to the first target 1.1572.
The Relative Strength Index (RSI) knows clear saturation at the 30th line, so we confirm that the pair has declined in the few hours.
On the other hand, the 1.1572 and 1.1500 areas are strong pillars of the rebound, thus excluding a breach of the 1.1500 level this week.
If the EUR / USD pair knows a bounce from the above-mentioned areas, profit taking will be very beneficial at 1.1572 (support 1).
Hence, the recovery of the euro from the spot of 1.1572 and 1.1500 is very likely, especially in the case of a breach of the pivot point 1.1716 (leftist blue line).
So, buying will be positive above the levels 1.1572 and 1.1716 this week to reach the resistance 1.1972 and then return to 1.1572 and 1.1716 this week to reach the 1.1972 resistance. And then return to (1.1572 and 1.1716).
The expected weekly range from November 2 to November 6 is between 1.1572 and 1.1792.
